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Homework answers / question archive / Find the annual simple interest rate (in percent) on a 3-month loan of $6,000 if the maturity value of the loan is $6,180

Find the annual simple interest rate (in percent) on a 3-month loan of $6,000 if the maturity value of the loan is $6,180

Math

  1. Find the annual simple interest rate (in percent) on a 3-month loan of $6,000 if the maturity value of the loan is $6,180.
  2. You deposit $1,750 in an account earning an annual interest rate of 10.2%. Calculate the simple interest earned in 8 months.
  3. Calculate the simple interest due (in dollars) on a 45-day loan of $4,800 if the annual interest rate is 9%. (Use 360 days in 1 year.)
  4. The schedule for the cost of a payday loan from an online payday loan company is given in the table below.
    Amount
    Borrowed
    Finance
    Charge
    Total Amount
    Due
    $100 $18 $118
    $150 $27 $177
    $200 $36 $236
    $250 $45 $295
    $300 $54 $354
    (a)
    Suppose a person obtains a loan from this company for 14 days. Does the amount borrowed affect the annual interest rate?
    YesNo    
    (b)
    Is the finance charge per $100 borrowed constant for this company?
    YesNo    
    (c)
    Fill-in the blank.
    If the finance charge for a 14-day payday loan is $15 per $100, then as the amount borrowed increases, the annual simple interest rate  .
    (d)
    If a person obtains a loan for 21 days from this company, does the annual simple interest rate go up or down?
    updown    
    (e)
    Payday loans usually range from about 10 days to 30 days. If a person obtains a payday loan where the finance charge per $100 is $17, does the annual simple interest rate decrease, remain the same, or increase as the term of the loan increases from 10 days to 30 days?
    decreaseremain the same    increase

    Calculate the simple interest due (in dollars) on a 3-month loan of $2,700 if the annual simple interest rate is 6.5%. Round to the nearest cent. (See Example 2 in this section.)

    An agent is selling an investment that earns 4.955% compounded semiannually. What is the APY (in percent) of the investment? (Round your answer to the nearest hundredth of a percent.)

    A deposit of $30,000 is placed in a scholarship fund that earns an annual interest rate of 4.75% compounded daily. Find the value (in dollars) of the account after 4 years. (Assume all years have 365 days. Round your answer to the nearest cent.)

    Blake Hamilton has money in a savings account that earns an annual interest rate of 4%, compounded monthly. What is the APY (in percent) on Blake's account? (Round your answer the nearest hundredth of a percent.)

    A student obtains a loan for $7,150. How much money does the student actually receive, assuming a loan fee of 1.05%? (Round your answer to the nearest cent.)

    Use 365 for the number of days in a year.
    Calculate the future value (in dollars) of $1,250 deposited into an account earning an annual simple interest rate of 5% compounded daily after 3 years. (See Example 1 in this section. Round your answer to the nearest cent.)

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